Calumet, Inc · NASDAQ:CLMT
Calumet — Wells Fargo Industrial & Materials Conference 2026
21 slides from Calumet's conference presentation, Jun 9, 2026
Slide 1: Wells Fargo Industrial & Materials Conference
Wells Fargo Industrial & Materials Conference June 9, 2026
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of June 9, 2026. The information in this Presentation includes certain “forward- looking statements.” These statements can be identified by t
Slide 3: Leading Growth Platforms
LEADING GROWTH PLATFORMS Leading Specialty Products and Renewable Fuels Business ■ Decades of innovation in essential, every-day specialty product markets ■ Leading unrestricted Sustainable Aviation Fuel platform and geographic niche in Renewable Diesel Specialties Business Demonstrated Track Record
Slide 4: Specialties Business Overview
Specialties Business Overview
Slide 5: Leading Specialty Products Platform with Demonstrated Earnings Power
LEADING SPECIALTY PRODUCTS PLATFORM WITH DEMONSTRATED EARNINGS POWER Superior Customer & Market Diversification (1) ■ Leading specialty products company with demonstrated earnings power, strong free cash flow, and identified growth opportunities ■ Unique, prominent customer base, brands, and assets
Slide 6: How We Win: Resilient Specialties Moat
HOW WE WIN: RESILIENT SPECIALTIES MOAT Customer Diversification Extensive Portfolio Commercial Excellence Strategic Integration ■ Expansive loyal customer ■ Broad slate of products ■ Best-in-class talent and ■ Flexible molecule management base across industries serving diverse applications processes
Slide 7: Integrated Specialties Business Well Positioned for Current Market
INTEGRATED SPECIALTIES BUSINESS WELL POSITIONED FOR CURRENT MARKET Calumet’s integrated operation generates: USGC 211 Crack Spread ($/BBL) (1) $45.00 $42.81 >22,000 BPD of high margin specialty products $40.03 $40.00 >55,000 BPD of fuels and asphalt $35.00 $31.67 Fuel margins have increased
Slide 8: Industry Leading Integrated Plants at Scale
INDUSTRY LEADING INTEGRATED PLANTS AT SCALE Northwest Louisiana Base Production ■ Base Oils ■ Solvents ■ Waxes ■ Esters ■ Specialty Asphalt ■ Transportation Fuels Upgrading and Blending ■ Gels ■ Finished Lubricants ■ Petrolatum ■ Ag Spray Oils ■ Process Oils ■ Engineered Fuels ■ Ink Oils ■ Synthetic
Slide 9: Specialties Business Generates Strong Cash Flow Across Business Cycle
SPECIALTIES BUSINESS GENERATES STRONG CASH FLOW ACROSS BUSINESS CYCLE Historical Mid-Cycle Restricted Group Adjusted EBITDA ~$300mm (1) Restricted Group Adj. EBITDA ($mm) Specialties business has demonstrated strong free cash flow Restricted Group throughout the cycle, including in Covid environ
Slide 10: Montana Renewables Overview
Montana Renewables Overview
Slide 11: Montana Renewables – Historic RVO Finalized March 2026
MONTANA RENEWABLES – HISTORIC RVO FINALIZED MARCH 2026 SET2 RVO translates to 6.7B gallons biomass-based diesel demand Biomass Based Diesel Supply Stack Rapidly restored historical industry index margin of $2+ per gallon Leaves ~0.5B gallon per year shortfall at 85% utilization 2026: 6.7B gal
Slide 12: Commencing Operations Post MaxSAF 150 Expansion
COMMENCING OPERATIONS POST MAXSAF® 150 EXPANSION MaxSAF® 150 Significantly Increases SAF Production SAF Premium Jet fuel demand growth is outpacing all other fuels SAF is recovered from renewable diesel, so RD sets a firm base price Iran conflict highlights traditional energy’s inability to ke
Slide 13: MaxSAF 150 vs Increasing Global Short
MAXSAF® 150 VS INCREASING GLOBAL SHORT SAF Global Demand Global SAF mandates still increasing with large penalties for non-compliance; supply capacity appears short Montana Renewables turnaround completed; MaxSAF® 150 commenced operations in early May SAF capacity will be 120-150mm gal/yr. S
Slide 14: Calumet: Driving Shareholder Value
CALUMET: DRIVING SHAREHOLDER VALUE Robust Specialties Cash Flow Generation Specialties continues to generate resilient and growing cash flow due to diverse portfolio, commercial excellence and cost improvements $222mm Restricted Group debt reduction in 2025 Continued Specialties Momentum F
Slide 15: Appendix
Appendix
Slide 16: Renewable Diesel Margin Framework
RENEWABLE DIESEL MARGIN FRAMEWORK Set 2 RVO restores historical ~$2/Gal Historical Index Margin: Set 1 RVO decimates margin RVO compliance requires biodiesel supply biodiesel industry 16
Slide 17: Restricted Group Non-GAAP Reconciliation of Restricted Group Adj. EBITDA
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA ($ in millions) FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 LTM Q1'26 7-Year Average Net income (loss) $ (43.6) $ (149.0) $ (256.4) $ (100.0) $ 287.1 $ (67.3) $ 158.1 $ (94.2) $ (24.4) Add: Depreciation and amor
Slide 18: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW 18
Slide 19: Reconciliation of Net Income (Loss) to Adjusted EBITDA with Tax Attributes
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Net income (loss) $ (162.0) $ (147.9) $ 313.4 $ (37.3) $ (317.0) Add: Depreciation and amortization 46.7 47.9 50.7 44.6 41.4 LCM / LIFO (gain) loss (0.1) (1.9) 5.1 16.8
Slide 20: Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss)
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) Specialty Products and Solutions segment gross profit (loss) $ 1Q 2025 (34.0) $ 2Q 2025 (14.9) $ 3Q 2025 276.3 $ 4Q 2025 38.3 $ 1Q 2026 (62.9) LCM/LIFO inventory (gain) loss
Slide 21: Calumet
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Calumet — Wells Fargo Industrial & Materials Conference 2026 on 6ix